S&P 500 cash weekly competition for 2013

Hi Guys,

Here is week 8 forecasts of QTR2. Few regulars are still missing and not sure what has happened to them. Hope they are well and off on holiday or something jolly. (y)

Wishing you good luck and we await with abated breath - Friday's close. :)
 

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Wow what a week.
That end of week breather was all of 40 odd Dow points yesterday and with normal action resumed today.
To think it was only 2 weeks ago people were talking about 1600 S&P and next two weeks we could be talking 1700 S&P.
I think 1700 is looking more and more likely now.
I doubt it will be next week, I think it will need some sort of a retrace before it breaks through 1700 In my opinion volume is too low to do it, but then what do I know, this market is on viagra so I'm going for 1685.
Who said sell in May?
:cheesy:

You missed mine from the other day.

1685

:p
 
Ooooh, I've got that warm golden podium feeling coming on again!
:cheesy:

ABOUT TIME!!!

... and the magic word is???

'Tapering' :cool:


Right now Wackypete is due to take 2nd gold of QTR-2... can he do it??? Will the stars line up for Wacky???

Tight squeeze this one for 1st, 2nd and 3rd...
 
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OMG :-0 - Where is the S&P going? Who could have believed it. ibetyou comes out of nowhere and takes timsk totally off the podium. Oh no - how sad :cheesy: Wackypete almost had 2nd gold of the quarter. As it happens it is ibetyou who not only takes the lead but the 2nd gold too. This is just simply incredible... Words fail me.

Congratulations to ibetyou and Wackypete. :clap::clap:

I notice Mr Weighted Average is at the bottome of the pack. I'm wondering how it can go so wrong? There is now 5 weeks of forecasting with maximum scores of 20 points still up for grabs. So the title can still go to just about anyone. So can the S&P tapering or no tapering. Bulls seems to know no boundries. That is where the problem lies.


. . . . . . Wackypete ...... . . . . . .ibetyou . . . . . . . . . Atilla
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NEW YORK, May 24 (Reuters) - Global equity markets slipped on Friday over worries the U.S. Federal Reserve may curb a stimulus program that has lifted stocks, while the dollar recovered against the euro after better-than-expected U.S. durable goods data for April.

Wall Street pared earlier losses to end near break-even, with the Dow edging into positive territory at the close, reflecting a willingness to keep the equity rally alive.

"This has been happening all week. Investors are taking advantage of down days to put more cash to work, especially when the decline is not based on something fundamental," said Tim Ghriskey, chief investment officer of Solaris Asset Mangement in Bedford Hills, New York.

U.S. and European shares marked their first weekly decline in five weeks after testimony by Fed Chairman Ben Bernanke earlier in the week sparked speculation the U.S. central bank will soon trim its support for the economy.

The Fed's purchase of Treasuries and mortgage-backed securities, being conducted at a monthly pace of $85 billion, has been a boon to equities markets and other riskier assets.

Bernanke's congressional testimony on Wednesday and the release that day of minutes from the latest Fed policy-setting meeting produced a shift that "reintroduced a sense of caution that has long been absent" in markets, said Peter Kenny, chief market strategist at Knight Capital (NYSE: KCG - news) in Jersey City, New Jersey.

The Fed minutes showed that some policymakers were willing to consider scaling back on bond purchases as early as the Fed's June meeting.

"Now the market has heard Bernanke and seen the minutes and we're seeing some better data, the market is going to start to decide where they think the Fed is going, sooner than later," said Jason Rogan, managing director of Treasuries trading at Guggenheim Partners in New York.

MSCI (NYSE: MSCI - news) 's all-country world equity index fell 0.06 percent, while Europe's broad FTSE Eurofirst 300 index of leading shares closed down 0.27 percent to 1,226.58.

On Wall Street, the Dow Jones (DJI: ^DJI - news) industrial average was up 8.60 points, or 0.06 percent, at 15,303.10. The Standard & Poor's 500 Index was down 0.91 point, or 0.06 percent, at 1,649.60. The Nasdaq Composite Index was down 0.27 point, or 0.01 percent, at 3,459.14.

Gold prices initially rose, but then reversed course to trade lower. Spot gold prices fell $6.99 an ounce to $1,383.70. COMEX June gold futures closed at $1,386.6 per ounce, down $5.20.

Orders for long-lasting U.S. manufactured goods rose more than expected in April, a hopeful sign that a sharp slowdown in factory output could soon run its course.

New orders for durable goods increased 3.3 percent last month, the U.S. Commerce Department said, and it revised prior readings for orders to show a smaller decline in March than previously estimated.

The dollar extended its declines against the yen in afternoon trade and was on track for its biggest weekly loss in three years against the Japanese currency.

The euro was last at $1.2928, down about 0.05 percent against the dollar. Against the yen, the dollar was last 0.94 percent lower, at 101.07 yen.

Earlier, the euro had risen against the dollar after the monthly German Ifo survey showed that business morale improved more than expected in May. The data suggested that Germany, Europe's biggest economy, is picking up, making further euro zone monetary easing less likely.

Oil prices rebounded in late afternoon trading in New York after a report of a gasoline unit shutdown at a refinery and as traders bought contracts to cover short positions ahead of a long holiday weekend in the United States.

Genscape said it detected the shutdown of the 70,000 barrel per day fluid catalytic cracker at Irving Oil's 300,000 bpd refinery in St. John's, Canada.

Brent rose 20 cents to settle at $102.64 a barrel. U.S. crude fell 10 cents to settle at $94.15 a barrel.

U.S. Treasuries prices edged up as traders evaluated the likelihood of the Fed pulling back on bond purchases and whether the recent selloff was overdone.

The benchmark 10-year U.S. Treasury note was up 1/32 in price to yield 2.0107 percent
 
Looks like 1700 is going to have to wait, short week next week could see a bit of profit taking, 1628 for me.
 
wow about time i had some luck,sorry Timsk and Wackypete better luck next week.
I am going to go with 1663 for next week please Atilla.
 
The QE monopoly money is still coming through the system into the stock market. I think last week's was a temporary pullback, so 1668 pls
 
wow about time i had some luck,sorry Timsk and Wackypete better luck next week.
All's fair in love and war ibetyou - congratulations on your 2nd Gold.
(y)

1,615 this week for me please Atilla.
Tim.
 
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